Magic Cube, a Chinese-based public blockchain platform, today announced the results of their first Initial Game Offering (“IGO”), which was launched by the company’s in-house social casino application Lulu. Transaction volume on Lulu exploded after its IGO resulted in a daily revenue peak of ¥400,000 RMB ($57,714.24 US Dollars), demonstrating one of the first proof of concepts of the IGO model.
“I have long believed that blockchain technology will forever change the gaming industry, and Magic Cube is committed to being at the forefront of that change,” said Rudy Rong, chief executive officer at Magic Cube. “The Magic Cube team’s deep experience in the gaming industry and global reach will allow us to expand our operation from China to other large gaming markets, specifically the U.S.”
Magic Cube recently announced three partnerships with the American indie gaming community – WhaleFood Games, Orc Punk and Computer Lunch – in order to further their market penetration into the American gaming market.
“At the end of the day, we aim to shift the balance of power from behemoth publishers back to the developers so that they can be encouraged to continue contributing to further game development,” said Rudy. “Through our tokenomics structure, even everyday users can earn and benefit for contributing to the community.”
Magic Cube began the development of its blockchain platform for mobile games in February of 2018, first performing internal testing on each of the 23 mobile games that the platform publishes and distributes. Magic Cube raised $1.2 million from leading Chinese blockchain investors, including Neo Global Capital and Spark Capital in August 2018 and is using its new funding to build a team in the United States with its new headquarters in Newport Beach, California.
“The expansion in America is being accelerated at a much quicker pace now that we can show people how the IGO impacted Lulu’s throughput,” Rong says. “Magic Cube will continue to make improvements to different IGO models and to other aspects of the blockchain gaming stack.”